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U.S. Import of Saudi Oil Ends
Initial data from the U.S. Department of Energy shows that U.S. imports of Saudi crude oil came to a complete halt in July, marking the first month since 1985 that Saudi imports were entirely stopped. This decline is a result of disruptions in Saudi oil exports caused by the ongoing conflict between the United States and Iran, which has disrupted crude flows through the Gulf and led to the closing of the Strait of Hormuz. As a consequence, American refineries have been seeking alternative sources, notably a significant increase in Venezuelan oil imports. It is expected that Saudi imports will gradually resume, reaching around 300,000 barrels per day during this month.
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